Networking is valuable to any business professional but especially entrepreneurs. When starting out, an entrepreneur’s network can open doors to critical opportunities, knowledge, and support that can be the difference between a venture that succeeds and one that fails.
“All great companies—even those with iconic entrepreneurs—had many other people who were involved and, without whom, the company might not have made it so big,” says Harvard Business School Professor Bill Sahlman in the online course Entrepreneurship Essentials.
A strong network can provide you with:
- Practical advice: Seasoned entrepreneurs can share guidance based on their successes and mistakes.
- Funding and investments: Relationships with investors can lead to the capital necessary to start and grow your business.
- Clients or referrals: People in your network may be interested in your product or service or know someone who would benefit from it.
- Support: According to a University of California Berkeley study, 72 percent of entrepreneurs (as opposed to 48 percent of the general population) report mental health struggles. Having a supportive network—including those who have been through it before—can be crucial to ensuring a healthy entrepreneurial journey.
Here are five networking tips and strategies to help you get the most out of your entrepreneurial networking experience.
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1. Find Your People
Networking opportunities are everywhere if you know where to find them. There are a host of in-person and virtual networking events and groups based on common factors. Consider searching for others who share your:
- Geographic location
- Industry
- Demographics
- Startup stage
- Alma mater
- Desire to learn about a specific topic
- Personal and professional interests
These categories may overlap to form more niche networking groups. For example, Women Who Code provides an international networking community for women in computer science. Another group, The Gathering Spot, provides support and opportunities for Black entrepreneurs to connect in select US cities.
Search for both in-person and virtual networking opportunities. LinkedIn can be a valuable tool for identifying connections and interacting with others in your industry. Some networking communities offer both in-person and virtual support and events.
Another example is the HBS Online Community, which has 34 chapters worldwide. Members can attend in-person or virtual events hosted by Community Chapter Organizers.
“The HBS Online Community is a global gathering of professionals from diverse backgrounds,” says Boston Chapter member Ibeabuchi Imo. “I've met amazing people who have become colleagues, business partners, and close friends.”
Related: How Leaders Develop and Use Their Network
2. Prepare Your Pitch
When meeting new people in the context of entrepreneurship, you need to be ready to describe your business and its value clearly and succinctly.
Consider preparing multiple versions of your pitch: one that’s one or two sentences, one that’s one minute long, and another that’s three minutes long. At a crowded, busy networking event, one or two sentences may be all you have time to say. If a person’s interest is piqued, you can offer more information from your three-minute version.
If the setting is more casual or you already have a person’s undivided attention, leading with a one- or three-minute pitch may be best. Practice pitching often so you’re ready for a networking opportunity any time it strikes.
Related: How to Effectively Pitch a Business Idea
3. Lead with Confidence and Curiosity
At the heart of every networking opportunity is the desire to form a mutually beneficial relationship. With each new contact you meet, think: “What can I learn and gain from a relationship with this person?” This mindset not only prompts you to listen closely to what they have to say but also be purposeful with your time.
The other person will likely think the same thing: “How can a relationship with this person benefit me?” Confidence in your business idea is crucial for communicating the potential value you bring to the relationship.
While building relationships is far more nuanced than simply determining what each party will gain, leading with both confidence and curiosity can enable you to spend time and energy finding mutually beneficial connections.
4. Carry Business Cards and Follow Up
You never know when a networking opportunity will arise—whether it’s in line at the grocery store, on public transportation, or meeting a friend of a friend. Carrying business cards is a quick way to network in everyday life and spread awareness of your brand.
Where appropriate, ask others for their business cards, too. That way, if an interaction is meaningful, you can follow up, keep the conversation flowing, and potentially build a stronger relationship.
5. Dedicate Time to Maintaining Relationships
Networking isn’t “set it and forget it”—making an initial connection doesn’t guarantee a lasting relationship. If a connection is one you wish to maintain, dedicate time and effort to preserving and growing it.
Some examples of ways you might maintain a relationship include:
- Asking how they’re doing, via email, text message, or phone call
- Meeting for coffee or meals periodically
- Sending holiday cards
- Attending events they’re hosting and inviting them to yours
- Sending articles or opportunities you think they’d be interested in
- Asking them questions as they arise
While these may seem simple, they require time and energy and signal that the relationship is important to you.
Creating and Maintaining a Strong Network
A strong network is one of an entrepreneur’s most valuable assets. By being prepared with a business card and pitch, remaining confident and curious, finding networking opportunities that fit your niche, and maintaining relationships, you can create a network that opens doors and offers support as you grow your venture.
Are you interested in learning to speak the language of the startup world? Explore our four-week Entrepreneurship Essentials course and other online entrepreneurship and innovation courses. Additionally, join the HBS Online Community to network with like-minded professionals across the globe.
